INTRODUCTION
- The State Bank of India (SBI) and the Indian Navy jointly introduced the SBI’s NAV-eCash card onboard the INS Vikramaditya, on October 4, 2021.
- The NAV-eCash card, which uses dual-chip technology, will be able to conduct transactions both online and offline. This would eliminate any issues encountered by crew members onboard while handling physical currency during a ship’s deployment at sea.
- The same concept will be duplicated on other navy ships and defence installations to build a safe, convenient, and long-term payment environment.
- Traditional payment methods are hampered by the present infrastructure on navy ships, particularly when the ship is at sea and there is no internet.
SIGNIFICANCE AND AIM –
- The NAV-eCash Card was introduced to give the Indian Navy with a smooth aboard experience.
- While the ship is at sea, the card hopes to revolutionise the payment environment. With the introduction of the card, there will be no need to use cash to access any onboard services.
- The introduction of the NAV-eCash Card is a significant step forward for digital payment systems in India, as part of the government’s Digital India agenda.
BACKGROUND OF NAV E-CASH CARDS
- C S Setty, SBI’s Managing Director (Retail and Digital Banking), underlined the bank’s dedication to the Indian military services and the bank’s long connection with them.
- In terms of assets, deposits, branches, customers, and staff, the State Bank of India is India’s largest commercial bank.
